LRC recaptures 50% of lost investors as Loopring price bounces back from critical support level
|- Loopring price is trading at $0.221, rising by a little over 6% after hitting a two-month low at the beginning of the month.
- The network lost over 5k of the total investors in June, of which over 2k have returned since, touching 161k.
- LRC holders have been pulling back on selling as active deposits hit an eight-month low in the past 24 hours, last visiting these levels in December 2022.
Loopring price was saved from observing considerable losses earlier this month as the crypto market’s volatility slowed. The altcoin bounced back from a crucial support level as it also continues to bring back the investors it lost about two months ago.
Loopring price recovery likely
Loopring price trading at $0.221 hit a two-month low of $0.208, bouncing back from the support level at that mark. This critical support line was last tested in May this year and in December 2022 as a resistance level. After recovering from this low at the beginning of this month, LRC has risen by a little over 6% but continues to trade under the 50-, 100- and 200-day Exponential Moving Averages (EMA).
While the momentum indicators - Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) - highlight a potential bullish move, Loopring price needs to stay above the critical support level. A decline below this point would result in the cryptocurrency hitting year-to-date lows of $0.187.
LRC/USD 1-day chart
However, the chances of the latter occurring are faint since LRC holders are acting rather positively. The first sign is that the network has noted a comeback of about 50% of the investors it lost in June. Back then, more than 5k investors exited the network, and since then, over 2.5k have returned, bringing the total to 161k.
Loopring total addresses holding LRC
Not only this, the investors that were present all this while are also holding back on selling their holdings. This is evident from the decline observed in the active deposits, which hit an eight-month low this week.
Loopring active deposits
With selling falling to December 2022 levels, Loopring price has an opportunity to capitalize on the bounce back and breach to flip the EMAs into a support floor. This would support a recovery to June highs of $0.258.
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